The optional subject chosen by a candidate has a significant impact on the overall score in UPSC CSE Mains and hence cannot be treated as a mere option. The main criteria for choosing any optional subject should be interest in the subject and material availability. An optional must be chosen out of one’s personal strength. Optional preparation demands in-depth study as well as a wide coverage of the syllabus and this indeed is possible only when the subject is our strength.

Economics is a very interesting optional and over the past few years, it has gained a lot of popularity mainly owing to the fact that many toppers had chosen this optional and it has been a scoring subject all along. The subject is technical and at the same time it is equally relevant in current times.

As mentioned above, the success rate has been good for aspirants who have chosen economics optional. Candidates who have a previous background in this subject definitely have an added advantage and can easily complete the syllabus in lesser span of time due to the familiarity of concepts. In case of an aspirant being a complete novice to the subject, it might take a considerate time to complete the syllabus. The preparation time caries from individual to individual. The first step towards effective optional preparation is to go through the entire syllabus and keep the syllabus handy.

PROS:

● A logical and rational subject and one can easily understand the subject.

● As mentioned earlier, compared to other mainstream optional, economics is technical and also equally relevant in the current times.

Booklist and Sources to refer:

Paper 1 primarily deals with the theoretical aspects of economics. One can expect questions in this section which are not straight forward and hence requires a lot of analytical thinking. Application becomes pretty much simpler, once a person is thorough with the theory. It is a must to have a clear understanding of the concepts. Paper 1 of economics optional covers a wide range of topics related to world economics.

Advanced Microeconomics:

Advanced microeconomics theory – Ahuja

Intermediate Micro Economics – Varian

Microeconomics – Robert Pindyck and Daniel Rubinfield

Advanced Macroeconomics:

Modern Economics – H.L Ahuja

Macroeconomics – Richard Froyen

Macroeconomics – Gregory Mankiw

Macroeconomics reader – Snowdon and Vane

Money – Banking & Finance:

Modern Economics – H.L Ahuja

Money & Banking – N.K. Sinha

Public Finance in Theory and in Practice – Musgrave and Musgrave

International Economics:

International Economics – Dominick Salvatore

Economic Growth and Development:

Development Economics – Debraj Ray and Thirlwall

Economic Theory and Underdeveloped Regions – Mrydal

Paper 2 deals with topics related to Indian Economy. NCERT books are extremely important to have a good clarity in concepts. The questions in this paper are relatively simple and require some form of critical thinking. It is a must to be able to back arguments with relevant data. One needs to refer to various sources to get a hang of all the happenings in the economy.

Indian Economy Since Independence – Uma Kapila

Indian Economy – Performance and Policies – Uma Kapila

Indian Economy – Dutt and Sundaram

Hindu and EPW for a critical perspective

Economic Survey

India Year Book

Although paper 2 seems to be lot simpler than paper 1, paper 1 seems to be more scoring in comparison to paper 2. While paper 1 requires intensive preparation and to be done separately, Paper 2 can be done simultaneously along with India after Independence and GS Paper 2 & 3.

Strategy:

Economics Optional requires an aspirant to have a certain aptitude in mathematics. Even when aspirants are well arrayed with the syllabus, they usually fall short of the merit list due to lack of practice. Below are various tips and tricks that can assist one in economics optional preparation:

● Solve previous years’ question papers as this habit proves to be beneficial for all of the competitive exams.

● Making notes makes it easier to revise before the exam.

● Multiple revisions ensure that the concepts are entrenched in one’s memory.

● Practice diagrams and have conceptual clarity.

● The most crucial fact which one should keep in mind is time management. Practice many mock tests and question banks and also set a timer. This will increase your speed as well as accuracy.